The Performance of Small Business Investment Companies
调查小企业投资公司（SBIC）并分析其业绩，发现SBIC基金在内部收益率和投资资本倍数上均优于非SBIC同行，首次基于大样本分析SBIC回报。
We survey Small Business Investment Companies (SBICs) to perform a novel analysis of their performance. SBIC funds outperform comparable non-SBIC peers by around 2% to 3% as measured by internal rate of return and about 0.3x to 0.7x as measured by multiple on invested capital, depending on benchmark deployed. To mitigate sample selection bias, we also examine SBICs in the MSCI Private Capital Universe data, which shows similar, but smaller, outperformance. We analyze SBIC funds by fund strategy and amount of leverage utilized to provide a granular view of risk-adjusted performance. We believe this to be the first large-sample analysis of SBIC returns.